MADISON, Wis.—After receiving hundreds of applicants, Summit Credit Union said it has selected the 2020 participants for its 12th Project Money competition.
Four teams have selected to participate in the program and will compete to reduce debt and increase savings on the way to achieving their financial goals.
With the help of their own Summit financial coach, each team will learn strategies to improve their spending and saving habits and reach their goals. At the end of the competition in February of 2021, the team earning the most points for overall increase in savings, debt reduction and participation in program events will take home a $10,000 cash prize. In addition, all runners-up will receive a $2,500 prize.
The Teams
The 2020 Project Money Teams include:
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Team Idah. “After prioritizing the financial wellbeing of her family in Zimbabwe for years, Idah is eager to plan for her own goals and bring balance to her life,” Summit CU said.
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Team Scott and Dustin. “This couple is ready for a chance to put a dent in their debt and establish an organized budget so they can make their money work harder for them in the future.”
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Team Sarah. “Motivated by the memory of her late father, Sarah is determined to prove she can maintain a disciplined spending plan and build a savings capable of withstanding life’s unexpected events,” Summit CU said.
- Team Betsy and Noah “This busy family is motivated to establish a budget so they can put their debt in the past and teach healthy habits to their three children.”
Along the way, each team will share updates on their progress with the greater community through Summit’s Money Smarts blog and on its Facebook and Twitter pages. Each month, teams will appear live on Madison’s NBC15 with anchors John Stofflet and Amy Pflugshaupt to discuss their challenges, wins and motivations.
Reaching Goals
“Project Money is an opportunity for participants to work with a coach to learn strategies for reducing debt, increasing savings and reaching their larger financial goals,” said Summit Credit Union CEO and President Kim Sponem. “Thousands of people in the community can follow along with the competition on our website and NBC15. We hope those following along are inspired to take action to improve their own financial health.”
Over the past 11 years, Summit CU said Project Money participants have collectively increased savings by $450,980 while reducing debt by $481,178.
For info on Project Money, go here.